/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO, May 16, 2022
/CNW/ - First Capital Real Estate Investment Trust ("First Capital"
or the "REIT") (TSX: FCR.UN), announced today that it has received
approval from the Toronto Stock Exchange ("TSX") to commence a
normal course issuer bid ("NCIB") which will enable it to purchase
for cancellation up to 21,910,353 of its outstanding Trust Units
("Units"), representing 10% of the REIT's public float (being
219,103,537 Units as at the close of business on May 5, 2022). As at the close of business on
May 5, 2022, the REIT had 219,713,038
issued and outstanding Trust Units.
Purchases under the NCIB may commence on May 18, 2022 and continue until May 17, 2023, when the NCIB will expire, or such
earlier date as First Capital completes its purchases pursuant to
the NCIB. Purchases will be made on the open market through the
facilities of TSX, other designated exchanges and/or alternative
Canadian trading systems.
In accordance with TSX rules, any daily repurchases (other than
pursuant to a block purchase exception) will be limited to a
maximum of 129,334 Units, which represents 25% of the average daily
trading volume of the Units on the TSX for the six months ended
April 30, 2022 (being 517,338 Units).
Any Units that are repurchased will be cancelled.
In connection with the NCIB, First Capital will enter into an
automatic unit repurchase plan (the "Plan") to facilitate the
purchase of Units pursuant to the NCIB and under which its broker
may purchase Units according to a prearranged set of criteria. If
implemented, the Plan will enable the purchase of Units at any
time, including when First Capital would not ordinarily be active
in the market because of internal trading blackout periods, insider
trading rules or otherwise.
First Capital's Board of Trustees has authorized the NCIB
because it believes that, from time to time, the purchase of Units
at certain market prices may be an attractive and appropriate use
of the REIT's funds that will afford additional liquidity for the
issued and outstanding Units and benefit remaining unitholders by
increasing their proportionate equity interest in the REIT. The
NCIB will provide First Capital with additional flexibility to
manage capital and generate value for unitholders. Decisions
regarding the timing of future purchases of Units will be based on
market conditions, Unit price and other factors. Although First
Capital has a present intention to acquire its Units, it will not
be obligated to make any purchases.
About First Capital REIT (TSX:
FCR.UN)
First Capital is a leading owner, operator and developer of
grocery anchored and mixed-use real estate located in Canada's most densely populated cities. First
Capital's focus is on creating thriving urban neighbourhoods to
generate value for businesses, residents, communities and our
investors.
Forward-looking Statement
Advisory
This press release contains forward-looking statements and
information within the meaning of applicable securities laws,
including statements related to First Capital's intention to effect
purchases of Units pursuant to an NCIB. These forward-looking
statements are not historical facts but, rather, reflect First
Capital's current expectations and are subject to risks and
uncertainties that could cause the outcome to differ materially
from current expectations. Such risks and uncertainties include
those risks discussed in First Capital's Management's Discussion
and Analysis for the year ended December 31,
2021 and for the quarter ended March
31, 2022 and in its current Annual Information Form.
Readers, therefore, should not place undue reliance on any such
forward-looking statements. First Capital undertakes no obligation
to publicly update any such forward-looking statement or to reflect
new information or the occurrence of future events or circumstances
except as required by applicable securities law.
All forward-looking statements in this press release are made as
of the date hereof and are qualified by these cautionary
statements.
SOURCE First Capital Real Estate Investment Trust